Red Lobster reveals new owners - and that it owes $21M for shrimp

Category: Business

Red Lobster, recently bankrupt, announced new ownership while revealing significant debts, including $3.68 million owed to its parent company for shrimp. The seafood chain's financial troubles escalated after an ill-fated unlimited shrimp promotion led to excessive demand and losses. A court ruling on the sale and debt dispute is expected in July and August.

Keywords: Red Lobster, bankruptcy, seafood industry

Source: Daily Mail

Update At: 7/24/2024

Related Sources

Boeing accepts plea deal to avoid criminal trial over 737 Max crashes, Justice Department says | AP News

Boeing is expected to plead guilty to fraud in connection with approval of its 737 Max before two of the planes crashed, killing 346 people. The plea deal includes a $243.6 million fine and oversight of Boeing's safety procedures. The agreement does not cover any current or former Boeing officials, only the corporation.

The Associated Press

Boeing: What's the right punishment?

Boeing, a major US company, is facing scrutiny for safety concerns and criminal charges related to two crashes of its 737 Max planes that killed 346 people. Despite a guilty plea and penalties, critics argue that the consequences are not severe enough. The company's importance in the aviation market and as a US military contractor raise questions about accountability and future actions.

BBC News

Boeing agrees in principle to deal with DOJ to plead guilty to misleading FAA during 737 MAX evaluation - ABC News

Boeing has agreed to a deal with the Department of Justice, including a guilty plea to conspiracy to defraud the U.S. related to the 737 MAX evaluation. The agreement also involves Boeing paying the maximum statutory fine and investing in compliance and safety programs. Families of the victims of the MAX crashes have expressed opposition to the plea agreement, citing Boeing's responsibility for the deaths of 346 people.

ABC News

Boeing agrees to plea deal to avoid criminal trial over deadly 737 Max crashes | Fox Business

Boeing has agreed to plead guilty to a criminal fraud conspiracy charge to avoid a trial in connection with two deadly crashes involving 737 MAX jetliners. The plea deal includes a criminal fine of $243.6 million and labeling Boeing as a convicted felon. Families of crash victims criticize the agreement as a 'sweetheart deal.'

Fox Business

Boeing Agrees to Plead Guilty to Felony Charge Over 737 Max Crashes - The New York Times

Boeing agreed to plead guilty to a felony charge of conspiring to defraud the federal government over two fatal crashes of the 737 Max in 2018 and 2019. The company will pay a fine of nearly half a billion dollars and invest in strengthening its safety programs. The plea deal includes probation, an independent compliance monitor, and meetings with crash victims' families.

The New York Times

Here's what to know about Boeing agreeing to plead guilty to fraud in 737 Max crashes - ABC News

Boeing has agreed to plead guilty to fraud in connection with the crashes of two of its 737 Max jets, resulting in the deaths of 346 people. The plea deal includes a $243.6 million fine and an additional $243.6 million fine for the same crime in 2021. Boeing will also invest at least $455 million to improve safety and be on court-supervised probation for three years.

ABC News

Costco Stock Options Hot After Membership Price Change

Costco Wholesale Corporation raised membership prices in North America for the first time since 2017. The stock received multiple price-target hikes in response and is currently down 3.1% after reaching an all-time high. Options trading activity suggests potential positive momentum for Costco stock.

Schaeffers Research

What Costco’s Membership Fee Hike Could Mean for Its Stock

Costco plans to raise membership fees for the first time in seven years, leading to analysts raising their price targets for Costco stock. The company intends to use the increased fees to reinvest in the business, including wage increases for employees and lower prices for customers.

Investopedia

Costco Raises Membership Fees for First Time in 7 Years - The New York Times

Costco is increasing its annual fee for members by more than 8 percent in the United States and Canada, the first increase in seven years. The fee for customers who shop at Costco Wholesale stores will increase by $5 to $65 annually for the basic Gold Star Membership and by $10 to $130 annually for customers with the Executive Membership.

The New York Times

Citi earnings show progress in CEO Jane Fraser's overhaul

Citi's second-quarter earnings signal positive results from CEO Jane Fraser's overhaul, with revenue up 4% to $20.1 billion and net income of $3.2 billion. The bank's reorganization led to a 2% decrease in operating expenses. Citi's stock has climbed 24% this year following the restructuring.

Quartz